The financial aftermath of divorce

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Divorce is often portrayed as a dramatic, sometimes even glamorous, event in movies and TV shows. We’ve all seen stories of jilted spouses walking away with fortunes that seem to set them up for life. However, for the vast majority of people, divorce is not only emotionally painful but also one of the most financially devastating experiences they will ever face.

As married couples often rely on a combined income, learning to survive on a single income after divorce can be a harsh adjustment. For many, this change brings about significant financial challenges.

The Financial Reality Post-Divorce

For many, especially women, divorce can lead to severe financial hardship. According to U.S. Census data, about 21% of recently divorced women live below the federal poverty line, compared to just 9% of recently divorced men. Even today, women still typically earn lower wages than men. This financial disparity becomes even more significant when a woman has left the workforce to care for children or maintain the household. After a divorce, these women often face heightened financial vulnerability.

Equitable Distribution in Virginia

Like most states, Virginia follows the principle of equitable distribution during divorce. This means that a court divides the couple’s property and assets based on various factors, such as each spouse’s earning power and financial needs. While this does not necessarily mean a 50/50 split, the courts aim to divide assets and debts fairly.

Steps to Achieve Financial Stability After Divorce

Fortunately, there are steps you can take to protect your financial future and set yourself up for long-term stability:

  1. Hire an Experienced Attorney: Choose a lawyer who is experienced in family law and committed to protecting your financial interests.
  2. Assess Your Financial Situation: Take an in-depth look at your current finances, including any joint assets, and consider what your future financial outlook might be.
  3. Negotiate Smartly: Key issues like child support, alimony, the family home, joint bank accounts, stocks, retirement funds, and life insurance must be negotiated and agreed upon in your final divorce settlement. Ensure that these matters are dealt with to secure your financial well-being.
  4. Take Emotions Out of the Equation: Divorce can bring out the worst in people, but keeping anger and emotional responses in check will help you focus on achieving the best possible financial outcome.

Moving Forward with Confidence

While divorce is undoubtedly a difficult process, you can come out the other side with a financially stable future. By focusing on your financial security and making informed decisions, you can ensure that you and your children are taken care of. Keep in mind that an amicable divorce where both parties focus on pragmatic negotiations will often lead to a more secure financial situation post-divorce.

The experienced family law attorneys at the DiPietro Family Law Group have decades of experience handling divorce and financial matters. We are here to help you achieve the best outcome for your financial future.

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